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Serkan Varol
Department of Engineering, Management and Technology, University of Tennessee at Chattanooga, EMCS 235, 615 McCallie Ave., Chattanooga, TN 37403, USA

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Short Biography

Serkan Varol is an Assistant Professor of Engineering, Management and Technology at the University of Tennessee at Chattanooga. His research interests include data mining and statistical decision making.

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Journal article
Published: 01 April 2021 in Vaccines
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Our objective was to estimate the individual willingness to pay (WTP) for a COVID-19 vaccine and evaluate its predictors in the United States. A double-bounded dichotomous choice contingent valuation with open-ended question technique was implemented based on the responses to a national survey administered during the first week of November 2020. The final sample size was 1285. The results showed that individual WTP values increased with income, whether a household member had any pre-existing condition, and perceived threat of the virus. The vaccine efficacy rate and duration of protection were found to be important factors for the respondents. The mean WTP for a vaccine with a 95 percent efficacy rate and 3-year protection (US$318.76) was approximately 35 percent greater than the vaccine with a 50 percent efficacy rate and 1-year protection (US$236.85). The initial aggregate direct benefit of the current vaccination program was estimated to be between 20 and 35.6 billion US dollars depending on the vaccine protection duration.

ACS Style

Serkan Catma; Serkan Varol. Willingness to Pay for a Hypothetical COVID-19 Vaccine in the United States: A Contingent Valuation Approach. Vaccines 2021, 9, 318 .

AMA Style

Serkan Catma, Serkan Varol. Willingness to Pay for a Hypothetical COVID-19 Vaccine in the United States: A Contingent Valuation Approach. Vaccines. 2021; 9 (4):318.

Chicago/Turabian Style

Serkan Catma; Serkan Varol. 2021. "Willingness to Pay for a Hypothetical COVID-19 Vaccine in the United States: A Contingent Valuation Approach." Vaccines 9, no. 4: 318.